True, False or Uncertain with explanantion

1. Blackrocks competitors criticize Blackrock for charging excessively high fees for beta, not alpha.

2. Vanguard offers ETFs because Vanguard believes that its retail customers should use momentum trading to actively manage their portfolios with fees that are as low as possible.

3. Warren Buffetts theories about differences between long-run and short-run volatility apply only to the BlackScholes model and are inconsistent with the 100-minus-age rule.

4. If all of Yale endowments commitments to private equity had been called at once at the bottom of the financial crisis in spring 2009, David Swensen would have been relaxed and happy to be timing the market by buying when prices were at their minimum.

5. Norways gigantic pension fund likes to use its size and moral authority to take an activist approach to organize shareholder votes against corporate policies it does not like. 6. David Swensen would like the Warburg Pincus strategy of diversifying investments by deploying capital over many industries.

7. Fund managers are rewarded with carried interest because limited partners want to recognize them for performing their fiduciary duties appropriately.

8. Warren Buffett likes the automobile insurance business because it provides a good way to earn a large return from bearing the huge risks associated with millions of automobile accidents.

9. The SEC brought the Abacus case against Goldman Sachs because ACA and IKB complained to the SEC that Goldman Sachs used its greater sophistication to take advantage of them